Furniture Today,
TAYLOR, Mich. — Masco’s second-quarter earnings were down 20.1% from a year earlier because of one-time charges, while sales for the plumbing fixtures, cabinet and furniture giant rose 3.1% to $3.4 billion.


Earnings amounted to $219 million, after a non-cash pretax impairment charge of $78 million for financial investments, and a pretax charge of $26 million for steps taken in a profit improvement plan, including closing two plants in its plumbing products and cabinet segments.

Income from continuing operations, excluding the charges, was $289 million or 72 cents per share in the second quarter, compared with $267 million or 65 cents per share in the 2012 quarter.

Masco said second-quarter earnings exceeded its expectations, but that the company is still affected by increases in commodity, energy and freight costs, and by declines in housing activity and moderation in consumer spending. The profit improvement program and selling price increases have helped, the company said.

Executives project that Masco will earn between $2.16 and $2.26 per share for the year, including the investment impairment and profit improvement program charges. In 2012, it earned $2.03 per share.

The company owns ready-to-assemble furniture producers Mill’s Pride, d-Scan and Tvilum-Scanbirk.